The global Optical Coherence Tomography Devices Market is estimated to be valued at US$ 1.7 Bn or Mn in 2023 and is expected to exhibit a CAGR of 15.57% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Optical coherence tomography (OCT) device is primarily used to acquire high-resolution cross-sectional images from biological tissues and non-transparent or semi-transparent samples using low-coherence interferometry. OCT has emerged as a promising non-invasive imaging technique that is capable of providing micron-level resolution, making it useful for a wide array of ophthalmic applications. OCT provides micrometer-resolution, cross-sectional images of ocular structures which help ophthalmologists to better diagnose and treat various ocular diseases like glaucoma, age-related macular degeneration, among others. Continuous technological advancements in OCT imaging such as development of 3D capabilities and integration with other modalities further enhance its clinical utility.
Market key trends:
Rising prevalence of ocular diseases is a major driving factor for growth of optical coherence tomography devices market. Age-related macular degeneration, glaucoma and diabetic retinopathy are some of the leading causes of blindness worldwide. For instance, according to WHO, glaucoma affects over 2.7 million people in the United States. Early detection of glaucoma is crucial to prevent vision loss. OCT helps detect damage to retinal nerve fiber layers and measure retinal thickness, which are important indicators for glaucoma diagnosis and progression. Increasing awareness regarding eye care and availability of technologically advanced OCT devices is also fueling the market growth.
Porter's Analysis
Threat of new entrants: New entrants in the optical coherence tomography devices market face high threat as it requires huge investments in R&D and it is difficult for new players to gain traction in a market dominated by few major established players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are only a few major players operating in the optical coherence tomography devices market and buyers have limited options to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component suppliers and the switching cost from one supplier to another is low.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for optical coherence tomography devices which provide high resolution, non-invasive imaging capabilities.
Competitive rivalry: The competitive rivalry in the optical coherence tomography devices market is high due to presence of few major global players.
Key Takeaways
The Global Optical Coherence Tomography Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 15.57% over the forecast period, due to increasing prevalence of ophthalmic diseases.
Regional analysis: North America dominated the optical coherence tomography devices market in 2021 and is expected to continue its dominance over the forecast period. This is attributed to increasing geriatric population, rising healthcare expenditure, and growing demand for non-invasive treatment procedures in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period due to increasing healthcare infrastructure, penetration of medical insurance, and growing economy.
Key players: Key players operating in the optical coherence tomography devices market are Carl Zeiss Meditec AG, Leica Microsystems, Bausch Health Companies Inc., Teledyne UK Limited, Michelson Diagnostics Ltd, SCHWIND eye-tech-solutions, Wasatch Photonics, Enhanced Medical Services, Optovue, Incorporated and Ibsen Photonics A/S.
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